MARKETS
The S&P / BMV IPC fell 2.0% to close at 56,739.90 pts due to renewed global trade uncertainty, weak domestic macroeconomic data and the likely slowdown in the pace of Banco de Mexico’s easing cycle. Meanwhile, the Mexican peso appreciated 0.2% at MXN$18.61/USD, and the yield of the 10-year M-Bono was up 9 bps to 9.40%.
The S&P / BMV IPC’s top gainers for the week were: PINFRA * (+7.5%), OMA B (+5.5%) and Q* (+3.7%). On the other hand, the main losers were: RA * (-9.8%), ALFA A (-7.4%) and TLEVISA CPO (-7.3%).
LISTED COMPANIES
The IFT informed that Walmex’s MVNO Bait closed 1Q25 with 8.4 million active users, representing a 58% decrease compared to the figure provided by the company in its quarterly report. The IFT made this calculation based on new rules introduced last January 1st which consider active lines used in the previous 90 days. Bait remains as the country’s fourth largest wireless operator.
Walmex announced the appointment of Jorge Andrés Mora Capdevila as independent Board Director and President of the Audit and Corporate Practices Committees from next November 1st. He will replace Ernesto Cervera Gómez.
Grupo Aeroportuario del Sureste’s total terminal passenger traffic fell 1.8% YoY to 6.0 million in June, mainly due the declines of 2.8% in Mexico and 3.3% in Puerto Rico, which were partially offset by a 1.7% increase in Colombia.
Grupo Aeroportuario del Pacífico’s total passenger traffic increased 0.6% YoY to 5.18 million in June 2025. Domestic traffic rose 1.7% YoY, while international traffic declined 0.8% YoY. The company will participate in the auction for 25 airports in Brazil. It is also participating in the process to operate airports in Turkish islands and Caicos.
Grupo Aeroportuario del Centro Norte’s total terminal passenger traffic at its 13 airports increased 8.5% YoY in June 2025. Domestic traffic grew 8.2% YoY while international traffic was up 10.5%.
Grupo Aeroméxico’s total passenger traffic decreased 4.2% YoY to 2.0 million in June, with domestic traffic falling 6.9% and international traffic rising 1.2%. ASK’s increased 0.8% YoY while RPK’s declined 0.5% YoY. The load factor was down 1.0 PP to 85.7%.
Volaris’s total passenger traffic was up 0.2% YoY to 2.4 million in June 2025, resulting from a 0.2% increase in domestic traffic and a 0.1% rise in the international one. ASMs rose 0.6% YoY, while RPMs fell 1.4%. The load factor decreased 1.7 PP to 83.9%. The airline inaugurated the Los Cabos – Ontario route with five flights per week.
Pinfra has concluded the sale of 100% of its subsidiary Infraestructura Portuaria Mexicana, S.A. de C.V., operator of the Altamira port in the State of Tamaulipas, to Terminal Investment Limited Holding S.A. for more than US$800 million, after obtaining the required regulatory authorizations.
Fibra Uno called an extraordinary shareholders’ meeting for next July 18th to substitute CI Banco by Altor Casa de Bolsa as its common representative.
Vinte will carry out the full amortization of the VINTE 18X domestic bonds maturing in August of this year amounting to MXN$836 million including accrued interests.
Fibra Prologis announced that Mr. Nick Kittredge, President of Prologis East region, will become a non-independent Technical Committee director in substitution of Mr. Edward S. Nekritz.
Alsea opened its 9th Cheesecake Factory in the Angelópolis mall, in the city of Puebla. The company invested US$6.2 million.
OTHER COMPANIES
The US Treasury Department extended by 45 days the deadline to prohibit CI Banco, Intercam and Vector from trading with US counterparts. Meanwhile, Hacienda announced it will temporarily transfer CI Banco’s and Intercam’s fiduciary business to domestic development banks and that it will implement a scheme to permanently transfer such business to private financial institutions.
ECONOMIC
Headline inflation increased 0.28% in June 2025, slightly above the 0.27% consensus prediction according to the Citi Mexico Expectations Survey. The core inflation rate rose 0.39% (vs. 0.36% E) driven mainly by higher merchandise and service prices, which was partially offset by a 0.10% decline in the non-core inflation rate due to lower agricultural, energy and public tariffs. The last twelve-month headline inflation rate reached 4.32%, marginally above the 4.31% consensus forecast, while the core inflation rose 4.24% YoY, also above the survey’s 4.21% projection.
Economists expect a 25bps interest rate cut in Banco de Mexico’s August monetary policy meeting, keeping the year-end 2025 policy rate forecast unchanged at 7.50% and the 2026 forecast at 6.75%, according to the July 7th, 2025 Citi Mexico Expectations Survey. GDP growth expectations for 2025 increased marginally to 0.2%, from 0.1%, and to 1.3%, from 1.2%, for 2026. Headline inflation for 2025 rose to 4.00%, from 3.90%, while core inflation increased to 4.00%, from 3.95%. For 2026, headline inflation rose to 3.80%, from 3.75%, and core inflation to 3.73%, from 3.70%. They expect the Mexican peso to close 2025 at 20.00 per dollar, from 20.20, and 2026 at 20.50, down from 20.70.
The Consumer Confidence Index (CCI) declined 1.1 pts to 45.4 in June driven by a reduced willingness to purchase durable goods compared to the previous year, and weaker assessments of the current economic situation of the country compared to the previous 12 months, according to INEGI. The CCI fell 2.2 points YoY, reflecting negative shifts in perceptions of both the present and future situation of the economy, along with diminished sentiment about the timing for major durable goods purchases.
Light vehicle production was up 4.9% YoY to a historically high level of 361,047 units, while exports advanced 14.0% YoY to 331,517 units in June, according to INEGI.
Formal jobs declined by 46,378 in June, which represented the third consecutive month with an annual reduction in this indicator, IMSS reported. As a result, new formal jobs declined 70.4% YoY to 87,287 in the first six months of the year. Meanwhile, IMSS registered employers declined 2.9% YoY to 1.041 million in June, the lowest level since august 2021.
Four of Banco de Mexico’s governing board members who supported the 50-bps interest rate cut in June indicated that future reductions will likely be smaller, with at least two stating that another 50 bp cut should be the last of that size, according to the minutes of the June 26th monetary policy meeting. They emphasized that the current monetary stance appears appropriate to balance inflation risks.
Total revenues during the “Hot Sale” season increased 23.7% to MXN$42.7 billion, the Mexican Association of On-line (AMVO) sales reported. Mercado Pago and BBVA were the most used payment methods.
CETES auction: 28-day CETES +15 bps to 7.85%; 91-day CETES -8 bps to 8.00%; 182-day CETES -7 bps to 8.11% and 350-day CETES +6 bps to 8.33%.
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